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Parrothead

Not really computers, but you need them to secure it!

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andy

 

 


The real test is finding a buyer who will take your crypto currency in exchange for "real money" (US$ would be a good choice) or maybe supply "real goods/services".

 

 

 


I will go to ANZ bank, or a bank based in another country, and open an account.

 

Why?

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Parrothead

Is the exchange a buyer? (paying you fiat currency for your crypto currency?)

My understanding was that the exchange was primarily a broker - connecting buyers to sellers (and skimming a bit off the top for their effort)

 

The big risk in this game is that if/when "the proverbial hits the fan" (with the currently hyped-up market, even a modest drop in faith could be a trigger?), There could be shortage of buyers willing to pay fiat currency for crypto-currency and a lot of sellers wanting to get out.

 

Supply and demand means that a shortage of buyers and an excess of sellers pushes prices down.

That could easily get out of hand in this currently overheated market and lead to a rapid market collapse.

 

For anyone with only a small stake in this market  (which they can afford to lose) not a problem! - some you win! - some you lose! and you had fun.

 

Very serious though for anyone in the market deeper than they can really afford!

 

And a serious dent in the ego for some who thought that (with no need for effort or talent) they'd soon be multi-millionaires

 

A crypto exchange is nothing more than a site where the buyers and sellers gather to do business. The exchange, not unlike a stock exchange, takes a small percentage of each transaction.

 

In the case we are discussing here, I would have a currency on another exchange (because CoinBase only deals in 4 currencies, at the moment) that I would want to liquidate, ultimately, for USD. So, I would trade them for Bitcoin, which is a universal trading coin, currently. I would then send the Bitcoin to an exchange where I could trade it for USD. In this case, Coinbase would be the exchange. I would then transfer my USD to my bank, from Coinbase. 

 

Now, that is what would happen in a perfect world. However, since I am in Southeast Asia, living in a country that is not trusted concerning online activities, I have to send the Bitcoin to someone who is within the US, and who is registered to do business on Coinbase. They, in turn, could either keep the coins, or trade them for USD and send them to their bank. Then, they could send me money via PayPal, Western Union, MoneyGram, etc. 

 

The last thing I would concern myself with, is a shortage of buyers or sellers online at any given time, who would want to do business with me. Crypto is being used, til now, by a very small percentage of people around the world. However, that number is growing, FAST. 

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Parrothead

Why?

 

To keep the tax man out of my life. 

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andy

I thought the US tax man was everywhere................................

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Oz Jon

I thought the US tax man was everywhere..........................

Well, he has tentacles all over Australia - making life difficult for non-Americans too!

 

Now, to do business with a US company, requires a higher standard of "proof-of-identity" and "non-American-ness" than the Aus Government requires to permit people to enter Australia!

 

A passport isn't good enough! ... another Govt issued photo ID ( eg a drivers licence) is also required, plus something to prove residency (electricity bill, local council tax bill, etc) ..... Then, to send this by FAX or file transfer to the US, you need to get it certified by a JP, Commisioner for Oaths, ranking police officer, or similar!

 

Many US companies are no longer interested in foreign customers - I guess they figure it's just too much bureaucratic hassle, with horrendous (IRS or whoever) penalties if they get it wrong...... eg. The US stock broker I have been (and still am) doing business with for 20 odd years, declines to open an additional  account for me! ... Their loss! - I take my business elsewhere!

 

ps. You even have to prove that you are "not American" to do financial business with Australian banks, etc!

Edited by Oz Jon
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andy

Last time I opened a bank account here, I had to fill in lots of US tax forms. I insisted I was not American. I said you have my British passport! It made no difference.

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Parrothead

Last time I opened a bank account here, I had to fill in lots of US tax forms. I insisted I was not American. I said you have my British passport! It made no difference.

 

I think someone you were dealing with, had no idea what the hell they were doing. ONLY American Citizens should fill out a W-9 form, in Cambodia.

 

 

I thought the US tax man was everywhere................................

 

As long as we keep deposits under $10,000 USD, I believe we are okay.

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andy

Thank Kim Jong Un for your crypto gains

 

 

Due to heavy sanctions placed on the country for its nuclear weapons testing, North Korea has long run a series of “side businesses†like drug trafficking, endangered species trading, money laundering, and currency counterfeiting to provide hard cash to the Kim regime.

Naturally, bitcoin trading came next.

https://www.yahoo.com/news/thank-kim-jong-un-crypto-192218269.html

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Oz Jon

Thank Kim Jong Un for your crypto gains

 

 

Due to heavy sanctions placed on the country for its nuclear weapons testing, North Korea has long run a series of “side businesses†like drug trafficking, endangered species trading, money laundering, and currency counterfeiting to provide hard cash to the Kim regime.

Naturally, bitcoin trading came next.

https://www.yahoo.com/news/thank-kim-jong-un-crypto-192218269.html

 

Maybe true, maybe not! - a conspicuous lack of actual evidence to back the authors theories!

 

You'd have to wonder if North Korea ,with  a "closed/dictatorial" political system and a poorly educated, fed-on-BS population, many on the verge of starving, would have enough smart, "thinking-outside-the box" people with sufficient long-time access to computers, to gain the skills necessary be any kind of a force in hacking.... This closed, restrictive culture just doesn't gel with creating clever hackers.

[maybe the people they are hacking are naive/dumb?]

 

Assuming that the author does have a case -

N Korea will get very little real advantage from it's.efforts, unless it can find lots of buyers willing to pay hard currency for it's stolen crypto -currency!

 

The same fiat currency buyer-shortage problem that I and (other much smarter and better informed people) have been warning about.

 

Meantime, crypto-currencies get pumped-up higher and higher nearly every day.

Based on ......what???   ... just more people persuaded to buy? --- but no actual/real substance?

 

If you are playing this game - Good Luck! - maybe smart to grab your profits and exit ASAP, while you can at a real currency profit.

Edited by Oz Jon
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Parrothead

 

 


Meantime, crypto-currencies get pumped-up higher and higher nearly every day.

 

They are not being pumped at the moment. Looooooooooowww.

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